New York's debt = $3,253 per person and growing

7:38 PM,
Jan. 7, 2013

Written by

New York is reaching its legal borrowing limit as the state's debt has hit $3,253 per resident, a report Monday from Comptroller Thomas DiNapoli said.

DiNapoli said the state's growing debt load could impact its ability to fund road and bridge projects, as well as recovery from major storms in recent years.

New York has the second highest level of debt in the country, and its borrowing capacity is estimated to drop from $9.2 billion five years ago to $509 million next fiscal year, which starts April 1. ...